Forget everything you thought you knew about car financing. You don’t have to have perfect credit. You don’t have to pay higher than legal interest rates. And you don’t have to choose whatever the dealership gives you. You can find an alternative in auto loan financing through the Internet.
Now granted, not all companies are the same and not all companies are trustworthy. And you can probably say the same about car dealers for that matter! You do have to be cautious and use your better judgment. It is highly recommend when looking for cars that you take the car for a test drive, and if possible, get a mechanic to inspect the car. Listen for strange noises and note uneven performance before signing any contracts.
In like manner, research the online lending company you are working with. Have you compared their contracts to that of other companies? Are you sure you’re getting the best deal?
The Advantage of Online Automobile Loans
The main advantage of online automobile loans is that you can get financing even with bad credit and you don’t have to wait weeks for an answer. Because this is a lender and not a dealership, you have your choice of what dealership and car you want. You can apply for automobile loans online and get approval sometimes as fast as 60 seconds (speaking for our own Approval Center).
When you have bad credit most of your connections to traditional lenders (banks, Credit Unions and so on) are cut off. Therefore, private lending institutions are your best bet because they can approve your loan based on an individual basis, and according to your professional and residential profile. If you can provide evidence of a job and a stable home life, that is usually all you need to get a loan. (Please not however, that not every household can qualify for every type of contract; this is decided upon after a consultation)
Qualifications do not always have to require good or fair credit. Many individuals with civil judgments, bankruptcy, and delinquent accounts have been approved for a car loan. Even repossessions of a vehicle are not always indicators of rejection. There are always exceptions to the rule. Down payment and moderate to high monthly or bi-weekly payments may be necessary, but again, there are multiple payment plans to consider.
The good news is you don’t have to drive a car you don’t like just because you have bad credit. You can get funding from an automobile loan company and then go to an approved dealership where you can look around and actually settle on a car that you prefer.
When it’s time to make the contract, try to determine in advance what your “strategy is.” Do you have a stable job that can guarantee you a certain number each month? If income is hard to predict can you put more down in the beginning? High payments and large down payments are the only real protection against accumulating interest.
On the other hand, some people prefer making regular car payments at a fixed price instead of paying large cash amounts upfront, especially if they plan to trade it back in some day. The good thing about private lenders is that plans can be customized for your budget and price range.
These loans also serve as a protection against your current car experiencing an engine failure or wreck. If you need a new source of funding, you can get it online rather than having to wait weeks on end, working through traditional lenders. Authorization is fast and easy and you can digitally sign loan documents in the comfort of your own home.